Baker Avenue Asset Management LP Acquires New Holdings in Fox Corporation (NASDAQ:FOXA)

Key Points

• Baker Avenue Asset Management LP purchased 5,204 shares of Fox Corporation (NASDAQ: FOXA) in the first quarter, with an estimated value of $295,000.
• Fox Corporation's CFO, Steven Tomsic, sold 5,607 shares for approximately $310,460, representing a 4.02% decrease in his total ownership.
• Several analysts are optimistic about Fox's performance, with Wells Fargo and Bank of America increasing their price targets, indicating a potential average target of around $62.00 to $65.00 per share.

Baker Avenue Asset Management LP bought a new position in Fox Corporation (NASDAQ:FOXA - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 5,204 shares of the company's stock, valued at approximately $295,000.

Several other large investors also recently added to or reduced their stakes in FOXA. CIBC Private Wealth Group LLC boosted its holdings in FOX by 122.3% in the 4th quarter. CIBC Private Wealth Group LLC now owns 669 shares of the company's stock valued at $33,000 after purchasing an additional 368 shares during the period. MV Capital Management Inc. increased its position in shares of FOX by 929.9% during the 1st quarter. MV Capital Management Inc. now owns 690 shares of the company's stock worth $39,000 after purchasing an additional 623 shares in the last quarter. Sentry Investment Management LLC acquired a new stake in shares of FOX during the 1st quarter worth about $43,000. Allworth Financial LP increased its position in shares of FOX by 55.2% during the 1st quarter. Allworth Financial LP now owns 787 shares of the company's stock worth $45,000 after purchasing an additional 280 shares in the last quarter. Finally, TCTC Holdings LLC increased its position in FOX by 112.5% in the 1st quarter. TCTC Holdings LLC now owns 797 shares of the company's stock valued at $45,000 after acquiring an additional 422 shares in the last quarter. 52.52% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Wells Fargo & Company raised their price objective on shares of FOX from $58.00 to $62.00 and gave the company an "overweight" rating in a research report on Tuesday, May 13th. Loop Capital lifted their price objective on shares of FOX from $62.00 to $64.00 and gave the stock a "buy" rating in a research note on Tuesday, May 13th. Guggenheim reissued a "buy" rating and set a $62.00 price objective (up previously from $60.00) on shares of FOX in a research note on Wednesday, June 25th. UBS Group set a $65.00 price objective on shares of FOX and gave the stock a "buy" rating in a research note on Wednesday, June 25th. Finally, Morgan Stanley lifted their price target on shares of FOX from $57.00 to $60.00 and gave the company an "equal weight" rating in a research note on Tuesday, May 13th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $53.53.

Insiders Place Their Bets

In other news, CFO Steven Tomsic sold 5,607 shares of the stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $55.37, for a total value of $310,459.59. Following the completion of the transaction, the chief financial officer owned 133,923 shares of the company's stock, valued at approximately $7,415,316.51. This represents a 4.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 21.77% of the stock is owned by corporate insiders.

FOX Stock Down 4.1%

FOXA traded down $2.36 during trading on Tuesday, reaching $54.62. 1,781,630 shares of the stock were exchanged, compared to its average volume of 3,933,208. Fox Corporation has a twelve month low of $36.85 and a twelve month high of $58.74. The stock has a market cap of $24.56 billion, a P/E ratio of 13.53, a price-to-earnings-growth ratio of 1.24 and a beta of 0.54. The stock's 50 day moving average price is $55.48 and its two-hundred day moving average price is $53.60. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.33 and a current ratio of 2.45.

FOX (NASDAQ:FOXA - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported $1.27 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.01 by $0.26. FOX had a net margin of 11.58% and a return on equity of 17.99%. During the same period in the previous year, the firm earned $0.90 earnings per share. The business's revenue for the quarter was up 6.3% on a year-over-year basis. Equities analysts expect that Fox Corporation will post 4.38 EPS for the current year.

FOX Profile

Fox Corporation operates as a news, sports, and entertainment company in the United States (U.S.). The company operates through four segments: Cable Network Programming, Television, Credible, and The FOX Studio Lot. The Cable Network Programming segment produces and licenses news and sports content for distribution through traditional cable television systems, direct broadcast satellite operators and telecommunication companies, virtual multi-channel video programming distributors, and other digital platforms primarily in the U.S.